OCEAN AUTOMOTIVE (HOLDINGS) LIMITED
Company number: 09374298
Reporting period:
1 July 2022 to 31 December 2022
Report filed on:
5 April 2023
Approved by:
Gail Ninnim
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 76%
- in 31 to 60 days: 24%
- in 61 days or more: 0%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 9%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
The Ocean Automotive Group’s standard payment terms are to pay all suppliers net 30 days. Payment terms can be further negotiated with company’s on request.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
All invoices received are loaded on to our Dealer Management System and each invoice is then authorised by the appropriate manager. Should there be any disputes, the manager responsible will liaise directly with the supplier in order to resolve this. Payments are accrued in the event of any disputes and subsequently released for payment once the dispute has been resolved.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No